06 JulTax Credit Closing Date EXTENDED
It is finally official!! The closing date for all first time home buyers under contract prior to May 1, 2010 now have until September 30, 2010 to close. This was extended from the original closing deadline of June 30, 2010. Last week there were some news alerts stating the tax credit had been extended but [...]
Read More ...29 JunGreat CHFA Changes
We just received notification from CHFA about a few changes to their program that will help even more people qualify for down payment assistance. Here are the changes: Income limits are now based on two buckets (1-2 Person Household & 3+ Person Household) Higher income limits in targeted areas First time homebuyer restriction removed for targeted [...]
Read More ...17 JunTax Credit Deadline NOT Extended…Yet
There have been some news articles stating the tax credit was extended. If that was the case we wanted to let you know but that simply is not the case. The reason the news stories released that the tax credit was extended was because of some recent action towards that direction. Here is the story: [...]
Read More ...04 JunMortgage Credit Certificate Out of Funds??
We have shared the awesome advantages of Colorado Housing and Finance Authority’s Mortgage Credit Certificate (MCC) program – maybe too much! CHFA issued a notice to all CHFA registered MCC lenders today which states: As a result of the popularity of the CHFA MCC Program, availability of reservations for the CHFA MCC program is temporarily [...]
Read More ...20 MayHUD Changes Income Limits for Down Payment Assistance
Each year the Department of Housing and Urban Development, HUD releases the income limits for tax subsidy. These income limits are what drive the income limits for individual down payment assistance programs around the nation. Based on these updated numbers released by HUD, the individual programs offering any type of tax subsidy through lower interest [...]
Read More ...30 AprFHA Increasing Mortgage Insurance Factor??
On April 5, 2010 FHA increased their up-front mortgage insurance premium to 2.25% from 1.75%. HUD had approval to increase the up-front mortgage insurance premium (UFMIP) but did not have the approval to increase the monthly mortgage insurance factors. Well…with House Bill 5072 (FHA Reform Act of 2010) the FHA monthly mortgage insurance factor could [...]
Read More ...22 AprTax Credit Deadline and “Binding Contract”
The information contained in the post is based entirely on my OPINION based on the research we have done surrounding this issue. Please note that we are not attorneys or tax professionals therefore we are not providing legal advice surrounding the Federal tax credit for first time homebuyers or move-up buyers. Whenever we get questions about [...]
Read More ...12 AprTax Credit Extended for Some
Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Thus, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase.
Read More ...09 AprMortgage Credit Certificate Extended
Many of you have heard us tout the awesomeness of the CHFA Mortgage Credit Certificate (MCC). This program gives first time home buyers a dollar for dollar credit on their federal income tax return of 20% of all the mortgage interest they pay each year that they live in the home. This program was offered [...]
Read More ...29 MarFHA Mortgage Insurance Change
On January 26, 2010 we let you know about the big changes to FHA in 2010. One of those changes was to FHA’s up-front mortgage insurance premium (UFMIP). Effective on all loans with FHA case numbers assigned on or after April 5, 2010 the up-front mortgage insurance premium will be 2.250% of the base loan [...]
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